FTX Founder Sam-Bankman-Fried Convicted of Defrauding Cryptocurrency Shoppers

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A New York jury has convicted FTX founder Sam Bankman Fried of fraud in a scheme that defrauded purchasers and traders of at the very least $10 billion.

Jurors reject declare he by no means meant to deceive clients earlier than the cryptocurrency alternate collapsed

A person was seen walking away from the car.
Sam Bankman Fried, founding father of bankrupt cryptocurrency alternate FTX, arrives at court docket in New York on this August 11 picture. (Eduardo Munoz/Reuters)

FTX founder Sam Bankman-Fried’s dizzying rise and fall within the cryptocurrency trade — a journey that included testimony earlier than the US Congress, a Tremendous Bowl advert and goals of a future presidential run — reached a brand new low on Thursday when a New York jury convicted him of fraud in a scheme that defrauded clients. And traders with at the very least 10 billion US {dollars}.

After the month-long trial, jurors rejected Bankman-Fried’s declare throughout 4 days on the witness stand in Manhattan federal court docket that he didn’t commit any fraud or intend to defraud clients earlier than FTX, then the world’s second-largest cryptocurrency alternate, collapsed out of business. for a 12 months.

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